This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Reopening U/s 147 quashed – Borrowed satisfaction mechanical approval U/s 151 invalid; sale of investments cannot be taxed U/s 68 – ITAT Kolkata
Case Law Details
- Case Name
- Gulmohar Towers Private Limited Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Kolkata
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Gulmohar Towers Private Limited Vs ITO (ITAT Kolkata)
In Gulmohar Towers Pvt. Ltd. vs ITO (A.Y. 2011-12), reassessment was initiated alleging accommodation entries and addition of ₹43.32 crore based on investigation wing information relating to sale of shares. The ITAT observed that the reasons recorded were vague, generic and lacked independent application of mind, merely reproducing investigation inputs without establishing how income had escaped assessment. The Tribunal held that reopening based on borrowed satisfaction and suspicion, without tangible material, is invalid.
The Tribunal al...
Author Info
